Massive rise in contactless card payments

ONE in every 10 card payments we make is now contactless, according to figures from a trade body.

In October, 10.3 per cent of all card transactions were made using “tap and go” contactless technology, marking the first time the 10 per cent milestone has been passed, the UK Cards Association said.

In September, 8.9 per cent of card payments were contactless - and a year ago just 3.7 per cent of card payments were made with a single swipe against a reader at the till.

Some 120.5 million contactless card payments took place across the UK in October, with a total of £929.8 million spent during the month in this way.

The average value of a contactless payment has increased to £7.72, up from £7.35 in September.

The upswing comes after the maximum limit for a single contactless transaction was increased in September to £30, from £20 previously.

Richard Koch, head of policy at the UK Cards Association, said: “With one in 10 card payments now contactless, it’s clearly the preferred way to pay for millions of consumers.

“The rise in the contactless limit to £30 earlier this year means there are now even more opportunities to make a fast, easy and secure contactless payment.”

Meanwhile, Barclaycard said that its data shows that contactless spending in service stations, pubs and bars has nearly doubled since August, as the higher £30 contactless limit has enabled more people to pay in this way.

Paul Lockstone, managing director at Barclaycard said: “We’re expecting 2016 to be another recording-breaking year for contactless.”

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